A real estate development company Emaar Properties based in Dubai on Monday said it will develop a 5 lakh square feet shopping mall in Srinagar’s Jammu and Kashmir.
It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation of US$15.5 billion as of June 2021.
In a statement quoted by news agency PTI, Emaar said, “Memorandum of understanding (MoU) has been signed between the governments of Dubai and the administration of Jammu and Kashmir to facilitate investments into this proposed project.” This will be the first significant FDI investment in the union territory, it added.
Ahmed Abdul Rahman Albanna, the UAE Ambassador to India, said, “The UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too”.
Mohamed Alabbar, Founder of Emaar, said the company intends to bring a world-class mall experience to residents of Jammu and Kashmir and also the tourists. EMAAR is also considering other investments into real estate, hospitality, and mixed-use commercial and residential projects in Jammu and in Srinagar, Alabbar added in the statement.
“The Union Territory of Jammu and Kashmir has created a very attractive investment landscape, and this FDI project is a reflection of the close brotherly relations between UAE and India. We are looking forward to several projects being announced in the near future and significant employment opportunities being created in the process,” said Aman Puri, Consul General of India in Dubai.
Last month, the Jammu and Kashmir administration opened the union territory to the country’s real estate investors by signing 39 MoUs worth nearly Rs 19,000 crore at a real estate summit held in Jammu.
As many as 20 MoUs were signed for the development of housing projects, while 7 were inked for commercial, 4 for hospitality, 3 Infratech, 3 film and entertainment, and 2 finance projects.